In the latest technical outlook, Cryptowzrd highlighted that Bitcoin (BTC) closed with a gravestone doji, maintaining a critical support level. The analysis suggests that more bullish candles are needed to sustain momentum and push towards the $120,000 resistance, especially amid ongoing fundamental pressures.
Key Takeaways
- Bitcoin closed with a gravestone doji, indicating market uncertainty.
- Current support stands at $110,500, crucial for sustaining bullish momentum.
- Despite a lower-than-expected NFP print, market sentiment remains supportive of BTC.
- A series of bullish candles is necessary to enhance confidence for a breakout at $120,000.
- A drop below $110,500 could lead to a deeper correction, testing the $100,000 support zone.
In-Depth Analysis
Cryptowzrd emphasized that Bitcoin's daily candle chart exhibits indecisiveness, with the market evaluating its next steps. Despite this uncertainty, BTC remains above the crucial support level of $110,500, providing a foundation for potential short-term bullishness. As the market assesses macroeconomic factors, BTC's technical strength appears to be reinforced.From a weekly perspective, traditional markets have closed positively, adding further support to Bitcoin's potential upside. However, the market requires a series of consecutive bullish candles to solidify confidence for a breakout at $120,000. Without this confirmation, the market may remain stagnant, allowing for volatility and price swings in the short term.
Market Impact
Analysts caution that if Bitcoin drops below $110,500 by mid-week, it could open the door for a deeper correction, potentially testing the $100,000 support zone. Such a move would alter market dynamics, increasing selling pressure and creating strategic short-term trading opportunities. To effectively seize market opportunities, traders should closely monitor lower-timeframe charts for actionable scalp opportunities.Tip: After deep analysis of the market, I found that registering through Binance's registration link or entering the invitation code YAOQING88888 can provide a permanent 20% trading fee rebate and a coupon worth up to $100.